Biohaven (NYSE:BHVN) Trading Up 7% - Here's What Happened

Key Points

• Biohaven shares rose 7% on Friday, trading as high as $14.67 and last changing hands at $15.17, well below its average daily volume. The move came after the stock had closed at $14.17 the previous day.
• Analysts remain generally constructive on the name, with recent buy ratings and higher price targets from firms including Citigroup and Deutsche Bank. Biohaven’s consensus rating is now Moderate Buy, with an average target price of $21.62.
• The company remains a clinical-stage biopharmaceutical play focused on neurological and neurovascular diseases, with its lead program in migraine treatments. It recently posted a quarterly loss that slightly missed estimates, and institutional ownership remains high at 88.78%.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares shot up 7% during trading on Friday . The stock traded as high as $14.67 and last traded at $15.1660. Approximately 237,498 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 2,656,797 shares. The stock had previously closed at $14.17.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Needham & Company LLC set a $11.00 price objective on Biohaven in a research report on Monday, June 29th. Citigroup raised their target price on Biohaven from $14.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. HC Wainwright restated a "neutral" rating and set a $10.00 price target on shares of Biohaven in a research note on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Biohaven in a research report on Friday, June 26th. Finally, Wall Street Zen upgraded shares of Biohaven from a "strong sell" rating to a "sell" rating in a research note on Saturday, June 27th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Biohaven currently has a consensus rating of "Moderate Buy" and an average target price of $21.62.

Biohaven Stock Performance

The company has a debt-to-equity ratio of 1.87, a quick ratio of 7.41 and a current ratio of 7.41. The stock has a market cap of $2.30 billion, a P/E ratio of -2.68 and a beta of 1.28. The business's 50-day moving average price is $12.42 and its 200-day moving average price is $11.31.

Biohaven (NYSE:BHVN - Get Free Report) last announced its earnings results on Monday, May 4th. The company reported ($0.88) EPS for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.02). As a group, sell-side analysts expect that Biohaven Ltd. will post -3.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Handelsbanken Fonder AB grew its stake in shares of Biohaven by 85.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 67,700 shares of the company's stock valued at $1,007,000 after acquiring an additional 31,100 shares during the period. Constitution Capital LLC increased its holdings in Biohaven by 58.8% in the 2nd quarter. Constitution Capital LLC now owns 27,000 shares of the company's stock worth $402,000 after acquiring an additional 10,000 shares in the last quarter. Defilade Capital Management L.P. bought a new stake in Biohaven during the 1st quarter worth approximately $2,673,000. Essential Partners LLC raised its stake in Biohaven by 31.7% during the 1st quarter. Essential Partners LLC now owns 9,020 shares of the company's stock worth $76,000 after acquiring an additional 2,169 shares during the period. Finally, Stempoint Capital LP purchased a new position in Biohaven during the first quarter valued at approximately $13,489,000. Institutional investors own 88.78% of the company's stock.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company's most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.